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NEW YORK, August 5, 2013 — The Dreyfus Corporation (Dreyfus), a BNY Mellon company, announced today that it has launched the Dreyfus Research Long/Short Equity Fund, an actively managed mutual fund. The fund is designed to seek capital appreciation by investing in various equity sectors globally, using long/short investment strategies in seeking to produce consistent, positive returns with low correlations with major equity markets over a complete market cycle (typically, a period of several years) . The fund, sub-advised by The Boston Company Asset Management Company LLC, is managed by The Boston Company's Global Research Team. Dreyfus is the fund's investment advisor.

"The volatility in the stock market over the years has created demand for low correlation, liquid, alternative products that can drive capital appreciation while seeking to protect the downside," said Dreyfus President Charles Cardona. "Performance dispersion exists within global sectors, creating opportunity sets that can produce alpha both on the long and short side. The Global Research Team at The Boston Company uses their institutional-quality research to identify these opportunities."

The fund's managers will allocate assets among various global equity sectors, each managed by a separate team of global research analysts, using a long/short strategy. The fund will be invested across the following equity sectors on a global basis: (1) Technology/Media/Telecommunication Services, (2) Consumer, (3) Financials, (4) Health Care, and (5) Natural Resources. Generally, the percentage of fund assets allocated to each sector strategy will range from 15% to 25%. The fund may also invest up to 40% of its net assets in the securities of foreign issuers.

The fund's portfolio managers invest the fund's assets in those companies in which the analysts have the highest degree of conviction or have identified a strong near-term catalyst for earnings growth or share price appreciation. Conversely, the fund's portfolio managers establish short positions for the fund in those companies in which the analysts believe there has been a negative change in the fundamental factors relating to the company, or the company has become overvalued.

Matthew D. Griffin, CFA, and Elizabeth Slover are the team members primarily responsible for managing the fund. Mr. Griffin, a managing director and portfolio manager at The Boston Company and a member of its Global Research Team, has 22 years of investment experience. Ms. Slover, a senior managing director at The Boston Company, has been the director of its Global Research Team since 2005. The Boston Company has 20 years of experience in long/short investing.

"As the industry continues to evolve, we are excited to develop innovative products like this one to meet client needs in a changing marketplace," said Adam B. Joffe, CFA, director of alternatives at The Boston Company. "Matt and Elizabeth are especially suited to lead this effort, given their considerable investment acumen, risk-management skills and expertise. Additionally, Global Research Team members bring an average of 17 years of industry experience, supported by all of The Boston Company's resources."

The Dreyfus Corporation, established in 1951 and headquartered in New York City, is one of the nation's leading asset management and distribution companies, currently managing more than $250 billion in assets.

The Boston Company Asset Management, LLC, a BNY Mellon Investment Management boutique, provides investment management services for corporate, public, mutual funds and union sponsored and jointly trusteed retirement plans, endowments and foundations. Assets also may be managed by The Boston Company's investment personnel acting as dual officers of either The Dreyfus Corporation or The Bank of New York Mellon.

BNY Mellon Investment Management is one of the world's leading investment management organizations and one of the top U.S. wealth managers, with $1.4 trillion in assets under management. It encompasses BNY Mellon's affiliated investment management firms, wealth management services and global distribution companies. More information can be found at www.bnymellon.com.

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of June 30, 2013, BNY Mellon had $26.2 trillion in assets under custody and/or administration, and $1.4 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.

All information source BNY Mellon as of June 30, 2013. This press release is qualified for issuance in the US only and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized. This press release is issued by BNY Mellon Investment Management to members of the financial press and media and the information contained herein should not be construed as investment advice. Past performance is not a guide to future performance. A BNY Mellon Company.

Investors should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. To obtain a prospectus, or a summary prospectus, if available, that contains this and other information about the fund, investors should contact their financial advisors or visit Dreyfus.com. Investors should read the prospectus carefully before investing.

The fund may significantly overweight or underweight certain companies, industries or market sectors, which may cause the fund's performance to be more or less sensitive to developments affecting those companies, industries or sectors.

Investing internationally involves special risks, including changes in currency exchange rates, political, economic and social instability, a lack of comprehensive company information, differing auditing and legal standards and less market liquidity. These risks are generally greater with emerging market countries than with more economically and politically established foreign countries.

The use of derivative instruments, such as options, futures and options on futures, forward contracts, swaps, options on swaps, and other credit derivatives, involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets. A small investment in derivatives could have a potentially large impact on the fund's performance.

Short sales may involve substantial risk and "leverage." Short sales expose the fund to the risk that it will be required to buy the security sold short at a time when the security has appreciated in value, thus resulting in a loss. The use of leverage can magnify a fund's gains and losses.

There can be no assurance that implementation of a long/short investing strategy or a global equity sector allocation, will be effective in achieving the fund's investment objective.